Cutting corners when it comes to text message marketing, otherwise known as SMS marketing, will come back to burn you in the end.

SMS marketing is a great way to reach your customers. In fact, 85% of consumers actually want to receive text messages from companies. So from the outside looking in, it seems like a simple way to boost open rates and increase sales—right?

Yes, SMS marketing will definitely do both of these things. But here’s the thing: You can’t just data mine your customers’ phone numbers and start blowing up their phones with text messages. If you take this route, you’re likely going to find yourself facing a significant number of fines.

Email is one of the marketing tactics that businesses most commonly rely on. However, with stats like this, why aren’t more companies taking advantage of SMS marketing? For one thing, rules and regulations might play a part. However, 98% open rates sure seem worth it. Image courtesy of Business 2 Community.

That’s why you need to have a very good understanding of the governing agencies and the regulations that are in place when it comes to SMS messaging. In this article, we’ll take a look at each entity and outline some best practices and tips for staying compliant while still reaching your customers.

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Here’s a
quick look at the topics we’ll cover:

• The rule makers: who they are and
  what they do
• The rules: details on each
  different regulation
• Tips on how to follow these rules

The Rule Makers When It Comes to SMS Marketing

There are a
few different agencies that you should be familiar with when it comes to SMS
marketing rules. In this section, we’ll take a look at each and discuss in a
little more detail the role of each.

The Federal Communications Commission (FCC)

Let’s start with the bigwigs—the FCC. You’ve probably heard of this government agency before. This is because the FCC is the governing agency that regulates the communication industry, including radio, television, and phone communications. SMS messaging falls under the same regulations as telemarketing and auto-dialers, meaning it must follow the rules and regulations set by the FCC.

It’s
important you understand and are following the regulations set by the FCC. As a
governing organization, it can create and enforce laws. What that means is if
you do not follow the laws they have set, you’re liable to receive a fine or
have legal action taken against you.

Two of the regulations they have put into place that apply to your SMS marketing efforts include the Telephone Consumer Protection Act and CAN-SPAM Act. We’ll take a deeper dive into both of these regulations in the next section.

Cellular Telecommunications Industry Association (CTIA)

This association is not a governing body and does not have the same enforcement power as the FFC, but you’ll still want to know who they are. This is because the CTIA was created to represent and guide companies and individuals in the wireless communication industry.

The CTIA has developed a number of best practices that have become standards in the industry. In fact, their Messaging Principles and Best Practices document has become a useful resource for anyone in the SMS marketing world.

Here are a few topic areas that their best practices document covers in more detail.

• The use of shortcodes
• Understanding group messaging
• Toll-free phone numbers
• Unwanted messaging traffic

Mobile Marketing Association (MMA)

Last but not least, let’s talk about the MMA. The MMA is another organization that does not have the power to enforce laws but helps guide marketers with best practices. This organization is mainly made up of influencers in the mobile marketing world who are dedicated to advancing mobile marketing. Notably, their mission has the consumer in mind.

Now that
we’ve discussed the three main regulators and guiding agencies, let’s take a
look at the regulations and best practices you need to be following.

The Rules and Where SMS Messaging Fits

Let’s take
a look at the rules you need to follow and how they apply to SMS messaging. In
each section, we’ll discuss what the regulation or best practice entitles and
how you can develop your SMS marketing strategy to stay compliant with each.

The Telephone Consumer Protection Act

The Telephone Consumer Protection Act is one of those laws set by the FCC. Notably, this means you’re definitely going to want to follow the rules here. The overall gist of this act is that it restricts unsolicited telemarketing calls, faxes, pre-recorded calls, and SMS messages.

Many consumers know when they are being targeted or communicated with improperly according to the Telephone Consumer Protection Act. This chart gives you an idea of just how many different areas people can report about related to this regulation. Image courtesy of Hinch Newman.

There are a
few different areas that you need to address to stay compliant with this
regulation. Let’s take a quick look at the highlights.

• Prior expressed written consent: Basically, you must have written consent from your customers before sending any text messages to them. Also, during the consent process, you must make clear to consumers what they will be receiving from you. Finally, they must agree unambiguously to receive the content at the number they have provided.
• Prior express consent: This one applies to messages sent for non-commercial, informational purposes. It is reserved for communications from organizations such as non-profits, political communication, or other non-commercial outlets. Consent can be provided verbally for these types of messages.
• Auto opt-out: People must be able to easily opt-out of programs by responding to the messages they are receiving.
• Message content: Text messages sent must always clearly identify the sender of the message. Plus, they must provide the opt-out instructions mentioned above.
• Sending time restrictions: Messages can only be sent between 8 a.m. and 9 p.m. Notably, this is based on the local time of the message receiver.

By following these rules, you can ensure your SMS messages are staying compliant. As we look more closely at the other regulations, you’ll start to see they all have a common trend.

CAN-SPAM Act

The CAN-SPAM Act is generally associated with email. However, it applies to SMS messaging as well. This act adds layers to and enforces many of the requirements of the Telephone Consumer Protection Act. One detail in the CAN-SPAM Act to note is that it does not apply to messages communicating details from a previous transaction or relationship. For example, you can text a shipping update or delivery notification to your customer.

Here are the main requirements you need to know for this regulation:

• Emails must be easily identified as an advertisement
• There must be a simple subscribe and opt-out process
• Any opt-out requests must be honored
• Your message must provide clear subject lines and header information

This chart has a focus on the spam related to email, but it is an eye-opening stat. If we do not keep these numbers in mind when communicating with customers in the SMS marketing environment, it too could become an unpleasant place for consumers. Image courtesy of Pew Research Center. 

You should follow these steps with both email and SMS marketing to stay compliant with the CAN-SPAM Act.

General Data Protection Regulation (GDPR)

If you’ve been in the marketing world in the last few years, you’ve definitely heard the acronym GDPR. This new regulation went into effect in 2018. During the time leading up to its launch, it had everyone buzzing—and for good reason.

This is because GDPR is unlike any regulation we’ve seen to date. Notably, it has strict guidelines and big consequences. It’s not specific to the US. However, if any company in the US does business with consumers in the European Union (EU), it does apply.

This new regulation is designed to help protect consumers and strengthen data security in all measures—not just email or SMS messaging. Its main goal is to improve data security by enforcing how companies are storing and transporting data. In all scenarios, consumers have to opt-in to sharing their data.

Prior to the launch of GDPR, many consumers felt more confident sharing their data with companies and organizations due to the new regulation. Image courtesy of EConsultancy.

GDPR is a very complicated regulation. All the same, here are a few of the many ways you can work to stay compliant with this regulation.

• Document and be transparent about
  what data you are collecting from consumers
• Clearly identify how and why you
  are collecting this data
• Disclose how you intend to use the
  data
• Clearly define your Privacy Notice

Last Minute Quick Tips for Staying Compliant with Your SMS Marketing

At this point, we’ve discussed a few of the most common regulations that apply to SMS marketing. If you’ve noticed throughout there are a number of different ways to stay compliant. However, many seem to overlap.

Therefore, we’re going to do a quick recap (and add a few extra) of the best practices you’ll want to follow to keep your communications compliant.

Best
practices for SMS marketing:

• Always provide an opt-in and
  opt-out option for customers
• Clearly identify your company when
  sending messages
• Never use misleading content in
  headlines and subject lines
• Let people know what types of
  messages you will be sending and how many
• Include the phrase “messages and
  data rates apply”
• Make sure your Privacy Policy is
  readily available for consumers

Talk to Your Customers Directly with SMS Marketing

Now that you’ve had a crash course in SMS marketing regulations and how to stay compliant, it’s time to get out there and get your program started! However, if you’re still unsure how to navigate the confusing rules and regulations, you can partner with a digital marketing expert who can help make the process a little easier.

Finally, don’t let the fear of noncompliance keep you from expanding your marketing program. Remember, consumers are glued to their phones. So why wouldn’t you want to be talking to them directly?

Photo by NeONBRAND on Unsplash

How do you get the best return on your SEO spending? Here are a few tips to help set you on the right path.

In a world of tight budgets and easy-to-measure
results, nobody wants to spend more than they have to on getting their search
engine optimization correct. More importantly, though, nobody wants to spend
their limited budget and not get the appropriate return on their investment.

However, the thing with digital is that everything is trackable and measurable. In the old days of print or even radio and television, the only way to work out how successful a marketing campaign was, was to measure the popularity of the product. The more units the company sold, the more successful they deemed the marketing to have been. But a great product and bad marketing could nevertheless translate to an upturn in sales.

The point is, in digital it can all be tracked. So, how do you get the best return on your SEO spending? Here are a few tips to help set you on the right path.

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Getting the Best Results for Your SEO Spending Is a Team Effort

Getting the best results for your SEO spending is not necessarily something you can sort out by yourself. Sure, you can do some of it, but don’t think that you can bulldoze your way through it and do a good enough job. The truth is that if you tried, it would be at the expense of some other element of your business.

If you are running the show, then rather look to work with an SEO specialist. In the same way you could do the finances if you wanted to, or run the reception desk, of course you could. But why? Work with the experts and let them make it happen for you. There are plenty of excellent SEO people out there. You just need to find the one that’s right for your company and let them get on with it.

Post Original Content or Nothing

If you’re not updating your content regularly and keeping it fresh and original, then you are going to struggle with your SEO spending. Search engines covet signs of life, so you need to make sure you provide these.

Moreover, signs of life come in the form of fresh and original content. The best way to ensure you can provide this is by adding a blog element to the site.

Most site owners cannot update their content all the time, regardless of the fact that this is one of the best ways of getting the most from your SEO spending. So if you can’t, just ensure there is a steady flow of industry-related opinion coming through. This is content that you can write to not only aid your SEO but to build your status as a thought leader and influencer in your industry as well.

Google Owns the Show

It simply cannot be denied: In the world of search, Google is king. It owns the biggest share of the search market, with almost 80 percent of the total share. Some sources suggest this number is even closer to 94 percent. Whatever the case, it is a significant majority. Moreover, when most people talk SEO, they are talking Google optimization.

What this means is that whatever you do in the SEO space you must do it with a knowledge of what works best for Google. To this end, Google offers plenty of courses and opportunities to learn their ways. Therefore, if you are partnering with experts or looking to hire, make sure your team has the appropriate Google certifications.

Get Your SEO Spending Right by Hiring the Experts

The bottom line is this: If you want to get the best bang for your buck when it comes to your SEO spending, stop wasting your money and your time by trying to do it yourself. Instead, look to the experts and get it done right.

Chatbots for business: Are they worth the hype? Do they really engage customers? Can they qualify leads? Does your business really need them?

These are valid questions for any entrepreneur or manager who keeps a keen eye on trends. Naturally, you’re interested in new products and technologies that can boost customer satisfaction, bring you greater profits, and boost your general competitiveness in the market.

However, every business has its own specific answers based on a myriad of considerations. So before you decide, it’s crucial that you know the general pros and cons of chatbots for business.

Let’s dive into an unbiased appraisal of the good, the bad,
and the ugly of chatbots for business.

The Cons of Using Chatbots for Business

They Have Limited Range of Responses

Chatbots rely on a predefined set of questions and answers, expanded in some cases with synonyms. Therefore, their responses are limited to a predefined set. This means that chatbots, at least for now, are not fully capable of understanding the nuances of human communication. In addition, bots do not understand and cannot accurately respond to questions that aren’t in the predefined set.

Chatbots for Business Can Lead to Customer Frustration

Customers don’t want to repeat themselves. When they have to, this can lead to customer churn. In fact, Zendesk found that nearly half of surveyed customers said that repeating themselves was their biggest frustration.

Also, no one wants to get an answer that isn’t relevant to the question they asked. This could happen when a chatbot for business does not understand a customer’s request. For example, a sarcastic statement will receive a reply as though the statement wasn’t sarcastic at all. We all know how annoying this can be. It’s even more frustrating for customers when they need to solve an urgent problem.

Complex Bots Can Be Costly and Time-Consuming to Build

Bots that can lessen some of the cons of using chatbots for business could require heavy use of AI. Therefore, they can be expensive and time-consuming to build and test. For some, the costs outweigh the benefits. Therefore, implementing this kind of chatbot is simply not feasible for some businesses.

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The Pros of Using Chatbots for Business

They
Are Available Around the Clock

Once online, chatbots for business can run non-stop, all day and all night, every day of the year. Thus, they are always available for customer inquiries. Of course, server breakdowns can stop the bot from functioning. However, as long as everything is technically fine, your bot is always ready to work. Any time. Any day.

Chatbots for Business Are Cost-Effective and Scalable

Chatbots for business reduce labor costs, which is great news for any business. They work 24/7 and provide service to multiple people at once. But don’t get ready to fire anyone just yet. It’s always advisable to team your bot up with a human. This way the chatbot can do repetitive tasks while your human reps focus on more complex and engaging work.

They
Have a Wide Range of Applications

Businesses are already using chatbots for various tasks in
customer support, marketing, and sales. In support, they can answer frequently
asked questions. In marketing, they can suggest products based on customer
preferences. As part of the sales workflow, they can engage website visitors,
capture lead information, qualify leads, and connect prospective customers to a
salesperson.

Chatbots
for Business Lead to Customer Engagement and Satisfaction

In an era when customers expect fast and personalized responses from brands, chatbots for business fit in perfectly. They deliver fast, accurate, and personalized responses to customers. Even better, they do it in an engaging conversational style.

Instead of using forms, a bot can help you gather information by asking specific questions while conversing with a customer. The customer can then type in their answers or click buttons when offered an option. It all comes across as simple and natural.

Should You Build Your Own Chatbot—or Not?

Chatbots are more beneficial to some businesses than to others. However, given the popularity of messenger apps and customer expectations of personalized and real-time communication with brands, it is important to weigh the pros and cons before you make a decision.

Ultimately, if your business frequently communicates with customers, then implementing a chatbot for your business could save you money, engage customers, and keep you available all day every day, all year long.

Featured image from Pixabay at Pexels

Having a clean workplace is essential for safeguarding the integrity of any business. However, dirt and clutter can quickly get out of hand.

Cleanliness contributes to the overall well-being of your staff. When dirt and clutter are kept at bay, people can stay productive all year round. Orderliness also helps create a positive image of your business, giving your clients reason to trust you more. Therefore, smart business owners know to hire professional office cleaning service providers.

Looming deadlines and the busyness that accompanies them are certainly factors that contribute to dirt and clutter in the office. Without professional help, it can be difficult to attend to the messiness at once, and dirt and clutter can accumulate quickly. This makes your workplace look unpleasant and disorganized.

So what things make an office become dirty so quickly? And why do you need to know them? The answer is simple. Being aware of these contributing factors lets you know which aspects of your workplace need prompt attention. When you know what they are, you can take the necessary actions to address them.

The Major Contributors of Dirt and Clutter in the Workplace

●      
Dirt and Clutter from Paper

Paper is the most notorious cause of dirt and clutter in the office, and the reason for it is pretty obvious. Almost everything you do in the office makes use of paper. Reports, important documents, memos, announcements, and sticky notes are made of paper. In short, even with all our electronic devices, paper still dominates the workplace.

Therefore, papers take up a lot of space in the office. Papers can pile up so quickly that they sometimes no longer fit in their designated file cabinets. And when your staff members are in a hurry, they tend to leave papers on their desks or around their workstations.

How Paper Contributes to Dirt and Clutter

You might be surprised to learn that paper is a such big contributor to dirt and clutter. However, when papers are left piled up in any area in the office, dust begins to accumulate. This dust may mix in the air and cause respiratory ailments among your staff. Also, dust build-up looks unpleasant and makes your office look unprofessional.

One way to deal with this issue is to create an efficient filing system. Make use of folder labels and file holders to organize your files according to categories and importance. Have a bin for discarded paper nearby, and be sure to empty these bins regularly. This way, you can free up some space in your work area and prevent the accumulation of dust, dirt, and clutter.

●       Messiness from Food

Another notorious cause of dirt in the office is food. That’s because food usually leaves crumbs. Additionally, some foods smell, and all foods can become spoiled. Leftover foods also attract bugs, which causes another problem in the office.

Most companies discourage their staff from bringing food to their desks. Some even prohibit it entirely. But if you do allow it, you can establish a few rules to maintain the cleanliness of the workplace and keep dirt and clutter to a minimum.

Some Suggestions That Can Help

For example, require your staff to clean up their desks
immediately after eating. They should also throw their trash and leftover foods
in the proper bins. In addition, they should store their foods in the
designated food storage area, usually in the kitchen or breakroom.

More importantly, while you can allow certain types of food in the work area, smelly foods should be prohibited. That’s because the smell can spread quickly in the room, especially when the building is air-conditioned. When you have unexpected visitors, they may find the food odor unwelcoming and unprofessional.

●       Dirt and Clutter
on and Under Furniture

This may sound far-fetched, but furniture, especially the large pieces, also contribute to dirt in the office. A large conference table, for instance, takes a lot of space, making it harder to organize the room. Also, because it remains in one spot, dust accumulates quickly on and under it. Even when professional cleaners vacuum the office regularly, they could miss some hidden spots.

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Therefore, it is necessary to move furniture once in a while in
order to remove the dirt that has accumulated under it. Furniture also needs
periodic deep cleaning, especially upholstered office furniture. For this,
professional commercial and office cleaning companies can help you.

These companies provide cleaning services to help keep your
workplace clean and tidy, free of dirt and clutter. They can also provide
specialized cleaning services for special items, such as furniture, carpets,
rugs, and upholstery. Some also even specialize in managing office waste and
disposing of it regularly.

Final Words

Paper, food, and furniture are essential things that you can never
take out of the workplace. But that does not mean you cannot effectively
address the dirt and clutter that accumulates because of them. There are
several ways you can keep your office clean and presentable even with their
presence. One is to attend to any mess as soon as it is made. Another is to
enlist the help of professional cleaners for high-quality cleaning and
effective workplace maintenance.

Artificial intelligence (AI) can be applied in many forms. These can include robotics, education technology, and chatbots. Therefore, it is applicable to virtually any industry.

In fact, several industries are undergoing major transformations due to the use and optimization of AI. These changes are affecting their operations right now, and they will only escalate in the future. From efficiency to user experience, here’s how AI is revolutionizing these five industries.

RELATED ARTICLE: HOW AI WILL AFFECT FUTURE BUSINESSES IN A VARIETY OF INDUSTRIES

AI in Healthcare

One of the most obvious ways robotic AI is being used in the medical field is through artificial limbs. These intelligent prosthetics have allowed many recipients to recover full use of their limbs. Additionally, robotics is being used to help perform procedures and aid in diagnostics that were never possible before, as they are impossible for humans to perform. 

A less public but equally important use of AI in healthcare is the
implementation of digital programs that provide access to medical care to those
in underserved regions. These smartphone programs allow healthcare
professionals to perform digital imaging on patients without needing a
radiologist or other technicians present. 

Due to these and many other advancements, AI in the healthcare industry is one of the most important applications.

Cybersecurity

In terms of AI business solutions, cybersecurity is at the top of the list. As cyber-attacks have become more commonplace, data protection laws have become stricter in response. Accordingly, it is critical that businesses of all sizes and in all industries have a firm handle on their cybersecurity. Otherwise, they will face costly consequences. Investing in cybersecurity has become a primary business initiative for small businesses as well as major financial institutions.

RELATED ARTICLE: 3 PROACTIVE STEPS FINANCIAL INSTITUTIONS ARE TAKING TO INCREASE SECURITY

AI is invaluable to identify threats, detect data breaches, and
block attacks. As such, the cybersecurity industry has seen a need to grow and
innovate to best serve their clientele. In order to meet these needs, AI is
constantly being improved to enhance prediction and response capabilities. 

AI in the Automotive Industry

With advancements in manufacturing, driver features, cloud services, and driver monitoring, AI is changing the very nature of driving.

For example, one fundamental way AI has revolutionized the automobile industry is through advanced safety features. Driver behavior applications like Eyesight are monitoring and reducing distracted driving habits. Additionally, they improve how drivers interact with their cars by adjusting settings to fit their needs.

With driver assist, AI analyzes driving conditions. It also alerts the driver to danger, and even helps them avoid accidents. Of course, there is also the race to release self-driving cars. 

Robotics has also been essential to increasing the efficiency and
quality of automobile manufacturing. From welding robots to wearable suits that
help prevent worker injuries, AI has become essential in nearly every aspect of
the manufacturing process.

Marketing

Both B2B and B2C marketing have already taken leaps and bounds toward better use of data with the help of AI. For example, advanced software has the ability to constantly analyze consumer behavior and adjust marketing tactics. This provides a better user experience and consequently improves sales.

AI product recommendations are responsible for many online sales. This is because advertisements are tailored to user behavior and demographics.

RELATED ARTICLE: HOW WILL BIG DATA AND AI TRANSFORM THE B2B WORLD?

Additionally, social listening is a powerful marketing tool. By monitoring what consumers are saying about them, companies can target consumers with carefully tailored ads. What’s more, they can present these ads at the most opportunistic times.

Sentiment analysis helps brands understand how consumers are talking about a brand or a product on social networks. This information can help them identify issues and learn what their consumers want. This can influence how they advertise in the future.

In short, with AI, digital marketing has become smarter and more cost-effective. 

Education

The human element is necessary for many forms of education. But there are also substantial opportunities for AI to enhance processes and overall learning.

For example, grading assignments is one of the most time-consuming aspects of being a teacher. Fortunately, it can now be automated. By automating tasks, teachers will be able to dedicate more time to working with students. AI is also making its way into the classroom, with robotic tutors who are assisting students. This has been especially beneficial for those with disabilities that prevent them from being present in the classroom. 

It’s no surprise that different ways of learning work for different types of people. Now, educators use AI to optimize learning by creating personalized programs for students. This allows teachers to cater to students at different levels.

In other words, they can teach to multiple students in a single classroom, all of whom have very different needs. With the help of AI, the quality of learning will only improve. This factor alone will lead to a larger beneficial effect on society as a whole. 

Conclusion

It’s understandable that employers and employees alike might fear the increased use of AI. But many of these changes will actually benefit both parties as well as the end consumer. 

Photo by rawpixel.com from Pexels

You have been dreaming for years of opening a restaurant in San Francisco. What’s more, you have decided that now is the perfect time to open your own restaurant in that beautiful city. However, what details will you need to hammer out?

What You Already Have

You have a few things lined up already. For instance, you have convinced a world-class chef to come and work for you. This chef is among the best and comes complete with a delicious and inventive menu that San Franciscans will love. Plus, you have your supply delivery set to go as well.

Your plan is to run a brand new, state-of-the-art, first-class restaurant in San Francisco, because you know that the people of this breathtaking city have come to expect only the finest when it comes to fine dining.

You’re excited about the fact that your restaurant will be located in lovely San Francisco because it’s a beautiful and sophisticated environment that will complement the scrumptious dishes your chef will prepare for your customers.

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What You Still Need

So, what else are you going to need? As it turns out, there’s plenty.

For one thing, you’re probably going to need a managing partner or an operating chef. Additionally, you’ll need to hook up with some quality food distributors in California. Then you’ll need to decide on the exact location for your restaurant and settle with a landlord on your lease.

Finally, you’ll need to locate some investors and persuade them to take a risk on your San Francisco restaurant.

Building Costs in San Francisco

In whatever building you decide to lease the space for your San Francisco restaurant, you’re going to have to build out your restaurant so that it works for your staff and your future customers. How much is that going to cost you?

For the sake of simplicity, let’s suppose you’ll need roughly $800 per square foot to construct the dining room and kitchen. If you have 2,300 square feet in your building, the build-out will set you back $1,840,000. Equipment purchases will bring that total to a good deal more than two million dollars.

Rent in San Francisco

In case you haven’t heard, the costs for rentals and leases in San Francisco are phenomenally high. In fact, according to a recent article in the San Francisco Chronicle, the rental cost for retail space in San Francisco now averages $81.25 per square foot. On a 2,300 square foot building, that will run you a whopping $186,875 monthly.

Are you still with us? Then let’s talk about finding those investors.

Investment Sources

At this point, unless you already have a good track record of starting other restaurants and a great relationship with your bank, the only individuals who are going to give you as much money as you’re going to need are heavy-hitting investors. What’s more, these investors will be people who will expect a good return on their investment.

So you’re going to need a plan, and not just a good plan. You’re going to need a great business plan. This is the only way you’re going to be able to communicate your big ideas and your financial projections to potential investors.

This is important because these investors will be expecting a profitable return on their money. And if you can convince them that your San Francisco venture is worth the risk, they will be happy to take that risk.

Investors’ Profit

The challenging element with investors is that not only do they want a good return on their investments, but they want their original money back out of the deal. Additionally, most of them will insist on an annual return over the life of your restaurant as a part of the original deal.

However, most of these investors will opt for the best lending rate plus 2-3%. All the same, keeping your investors happy and paying them off in a timely fashion is extremely important.

Other Costs to Consider for a Restaurant in San Francisco

You should also consider the following
approximate startup costs, which will likely be somewhat higher in San Francisco
than they might be in another city:

• Food inventory will run about $16K
• A legal professional to draw up the operating and partnership agreements should be about $15K
• Silverware and china will cost roughly $38K
• An interior restaurant designer will charge about $46K
• Fourteen days of training for employees will cost about $11K
• Your wine and liquor inventory will cost roughly $45K
• A public relations organization to help with marketing will charge about $26K the first year
• Your restaurant’s stereo system will run about $11K

Remember that each of these figures is a top-of-the-line estimate, because you’ll most likely be making your purchases in San Francisco or elsewhere in the Bay Area.

However, it’s important to remember that it’s almost prohibitive these days to open a new restaurant almost anywhere. This is because of the operating challenges and financial constraints that restaurant owners are faced with, especially in San Francisco.

Conclusion

Ultimately, you’ll need to be creative and persistent in order to make your dream of opening a restaurant in San Francisco a reality.

However, if you can persist through the struggles, always serving up great food with top-notch service, the people of San Francisco will take you and your restaurant into their hearts. And your own heart can finally be at home in that beautiful City by the Bay.

Are you going to school to improve your entrepreneurial skills? And are you consequently trying to figure out how to pay your student loan debt? It can be a struggle to figure out which option is best for you and your financial situation. Read on to learn more about taking out a personal loan for school.

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Taking Out a Personal Loan for School Debt

Can you take out a personal loan for school debt? Well, it depends. If you go to a lender, chances are you might get denied if you tell them it’s for student debt.

That’s because there are rules when it comes to what you can use your personal loan for. Therefore, taking out a personal loan for school debt might not be an option for you even if you want to. However, going over your situation with a lender can give you a better idea if you are eligible for a personal loan for any other reason.

Many people want to take out a personal loan to pay off their student debt. This is because they know that in some cases, a person can get a reduction in their interest rate. However, instead of taking out a personal loan for your school debt, you can have lower monthly payments by extending your repayment period. On the other hand, you have to qualify for that option.

Using a personal loan for school debt can be a good solution in some cases. This is because lenders of personal loans often offer more diverse payment options. In fact, you might even be able to repay your loan over a shorter amount of time. This would, in effect, reduce the amount of interest you will pay as compared with student loans.

Downfalls of Using a Personal Loan for School Debt

On the other hand, there are downfalls that come with taking out a personal loan for school debt.

When you have student loan debt, you have a lot of benefits that you might not know about yet. For example, switching to a personal loan can make you lose the grace period that’s available after you graduate. This is because instead of having to start making payments right away, students have an extra six to nine months after graduating before having to pay on their loans. However, in some cases, interest rates are still applied during that time.

There are other benefits you won’t have as well. For example, you won’t be able to utilize certain repayment plans. Take, for instance, income-driven repayment plans that match your monthly income to the monthly payments on your loan. This option can be an excellent opportunity to some. This is because you could even qualify for a student loan forgiveness program when you pay your monthly bills on time.

Is Taking Out a Personal Loan for School Debt Right for You?

Whether you want to take out a personal loan or not, it can be difficult to qualify for them. You will probably have to have a good income and a decent credit score, for instance. You will also need to meet other requirements as well. Also, taking out a personal loan for school debt is a serious decision, because it’s irreversible. In other words, you won’t be able to change your mind in a few months.

Should
You Apply for Scholarships Instead?

Another great option to consider is to apply for local and national scholarships. There are many opportunities to apply to that you could be eligible for. Keep in mind, however, that some scholarships are degree-specific. Others might depend on economic need, existing talent in an academic area, or your membership in a specific group such as Future Business Leaders of America or the Elks.

Make
the Best Choice for You

No matter how good taking out a personal loan for school debt sounds, you should remember that it might not be for you. Before taking any action such as taking out a personal loan for school debt, think through all your options. It might be great for someone else who can benefit from it more than you can. Whatever you do, make smart choices with your student loans today and pay your monthly bills on time to have good financial standing.

About the Author

Aqib Raja is a digital marketer, a link builder, and an IT Professional. He loves to write on various topics. In his free time, he likes to travel and explore different parts of the world. You can follow him on Facebook.

If you search the Internet for a brief description of installment agreements, you might be confused by articles that refer to “installment loans.” In this post, we try to provide some clarity about what, exactly, an installment agreement is.

You might be looking for a cash infusion for your business, or you might need a personal loan. Whatever your need right now, always pay attention to the specifics when you’re requesting a loan of any kind, whether on cashspotusa or any other financial platform.

What Do You Need to Know About Installment Agreements?

The lender issues the funds for an installment agreement under specific guidelines. For example, the lender issues the agreement for a set amount of money at a specific rate of interest. Additionally, the payments are fixed as well.

Compare this with the revolving credit banks and other lenders provide. Revolving credit comes with a set credit limit and a flexible payment amount based on the amount of your credit limit you have used. Revolving credit often comes with a variable interest rate as well. A credit card is an example of revolving credit.

Sometimes a bank or other financial institution will issue the funds for an installment agreement. At other times a merchant issues the funds in order to allow a customer to purchase a specific piece of merchandise.

Installment Agreements Come with a Fixed Interest Rate

These agreements carry a specific and fixed rate of interest. The repayment schedule is also fixed. That is, the lender generally requires payments in a set amount at regular intervals, usually monthly.

Will You Need Collateral?

An installment agreement is generally issued for a clearly defined purpose such as buying a car, a household appliance, or other goods. Therefore, installment agreements often require collateral, such as the merchandise the customer is purchasing. For example, a mortgage is an installment agreement that uses the home that’s being purchased as collateral.

However, some lenders issue installment agreements without collateral. In these cases, the lender might require you to obtain personal recommendations from trustworthy individuals who know you.

Will You Need an Application?

Before you can obtain an installment agreement, you will need to submit an application, either online or in person. Then the merchant or other lender will either approve or reject your application.

Is There a Contract for This Type of Agreement?

In most cases, both buyer and seller sign a contract for an installment agreement. This contract stipulates the conditions for both parties. It covers the interest rate, states its maturity date, and specifies any applicable fines and fees. The contract will also describe the nature of any additional fees that might come due in case the customer fails to repay the agreement as stipulated in the contract.

RELATED ARTICLE: 6 CONTRACT TYPES YOUR BUSINESS NEEDS

Can I Apply Online?

It’s safe to say that you can obtain an installment agreement without the need to leave your home or your business. You simply choose an online lender, complete the application online, and await the approval of your application. Often the lender will approve your application within days, if not hours or even minutes.

On the other hand, if you’re hoping to use an installment agreement to help with the purchase of a piece of merchandise such as a dishwasher or a car, you might want to visit the merchant in order to shop around for exactly the item that best meets your needs.

In that case, it would make sense to simply apply in person. Often the merchant will make the funds available within minutes. Then you can request delivery of the merchandise to your home—or, in the case of a car for example, drive it home with you.

Do These Agreements Come with a High Interest Rate?

Often, lenders issue installment agreements for shorter periods than they do other loans. Additionally, the interest rate is often lower as well. In fact, some installment agreements come with very low or even zero interest. However, these low rates of interest usually remain in effect only within the set term of the contract or another specified period.

What Are the Benefits of Installment Agreements for Buyers?

Installment loans have the following benefits for buyers:

• Lenders generally require only a small packet of documents.
• You can register and apply quickly.
• Much of the time, you won’t need to offer up any collateral.
• Generally speaking, you will have a choice as to how much time you’ll need to pay off the agreement. Often, the lender will allow you to extend the agreement if you need to.
• The interest rate for the agreement is quite often very low or even zero.

What Are the Benefits of These Agreements for Sellers?

Installment agreements are popular among many merchants since they allow stores to increase the number of their customers and boost their sales.

On the other hand, these agreements do carry risks for the seller. That’s because if the seller makes the mistake of issuing an installment agreement to an unreliable buyer, the seller could lose both the goods and the money.

Conclusion

So whether you need a personal loan or you need to purchase a new piece of equipment for your business, always be aware of the specifics when you contract for a loan of any kind. This is true whether you apply online or off. In other words, always read the fine print for any loan.